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Mihailo Bjelic, one of the four co-founders of Polygon, is exiting the network.Bjelic made the announcement on X, "After much thought and reflection, I’ve decided to step down from the board of the Polygon Foundation, and wind down my day-to-day involvement with Polygon Labs," he said.With Bjelic's exit, co-founder Sandeep Nailwal becomes the last remaining member of the original founding team.Nailwal acknowledged Bjelic's contributions to the network and wished him luck for the future.The layer 2 network, which was original known as Matic, was formed by Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic and Anurag Arjun.As of writing, Polygon's POL is down 5% in the last 24 hours, trading over 23 cents.... Read more

Bullish crypto bets lost over $500 million in the past 24 hours as traders took profits and markets slid following President Donald Trump’s fresh threats of tariffs on European imports and Apple products, sparking a wave of liquidations.Bitcoin, which had been trading above $111,000, dropped quickly to around $108,600, wiping out intraday gains and rattling broader market sentiment.BTC’s drop was mirrored across the crypto complex, with futures tracking ether (ETH), Solana’s SOL, xrp (XRP) and dogecoin (DOGE) showing losses from $30 million to over $100 million.Bitcoin futures saw roughly $181 million in losses, while Ether futures accounted for nearly $142 million. Altcoins added another $100 million in liquidations, including notable wipeouts in SOL, DOGE, and XRP.picThe largest single liquidation was a $9.53 million BTC-USDT swap on OKX, CoinGlass data shows.A liquidation occurs when an exchange forcefully closes a trader's leveraged position due to the trader's inability to meet the margin requirements.Large-scale liquidations can indicate market extremes, like panic selling or buying. A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment.The pullback arrived just as bitcoin was gaining momentum on ETF inflows and growing institutional interest, leading some to expect a calm weekend.Instead, volatility returned in full force. With the macro environment now destabilized by renewed trade war fears, traders may remain cautious heading into next week’s sessions.... Read more

The crypto market turned red over the weekend, with Dogecoin (DOGE), Cardano’s ADA, and XRP each dropping over 7% as profit-taking set in after a strong week.Bitcoin fell from a daily high of $111,200 to just over $107,000 on Friday, causing a swift change in sentiment. The drop came as President Donald Trump revived fears of a tariff war with the European Union — threatening a 50% levy as talks were “going nowhere.”Market cap shed 5% and the broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens, fell 2.2% as traders moved to lock in gains amid rising volatility.The move comes despite bitcoin touching fresh highs above $111,500 just days earlier, with ETF inflows, stablecoin legislation, and institutional buying supporting its rally. But those same tailwinds haven’t kept altcoins afloat in the short term.“Bitcoin reaching a new all-time high also carries altcoins toward a bullish direction,” said Haiyang Ru, co-CEO of HashKey Group, said in a Telegram message. “But if BTC’s volatility picks up again, traders may rotate into regulated stablecoins — especially with new frameworks in the U.S. and Hong Kong easing that transition.”Alex Kuptsikevich, chief analyst at FxPro, crypto sentiment recently hit levels last seen in January, just as BTC and ETH reached critical resistance zones. “Unlike previous BTCUSD rallies, the current movement is not just momentum-driven but backed by real demand and macro factors,” he noted.Still, markets are showing signs of fatigue. Ethereum is struggling to break past its 200-day moving average near $2,650, while altcoins that previously surged — such as HYPE and EIGEN — are now cooling off after double-digit gains.Analysts warn that if BTC doesn’t establish a new support zone, altcoin losses could deepen.For now, the weekend pullback displays the fragility of rallies in low-liquidity conditions and the speed at which sentiment can turn.... Read more

Crypto stocks suffered a red day on Friday, especially bitcoin BTC treasury companies such as Strategy (MSTR) and Semler Scientific (SMLR) — each down roughly 6% even as bitcoin slipped only a bit more than 2%. Japan-listed Metaplanet is lower by 24%.The price action comes amid a continuing debate taking place on social media about the sustainability of Michael Saylor’s (and those copycatting him) bitcoin-vacuuming playbook.“Bitcoin treasury companies are all the rage this week. MSTR, Metaplanet, Twenty One, Nakamoto,” said modestly well-followed bitcoin twitter poster lowstrife. “I think they're toxic leverage is the worst thing which has ever happened to bitcoin [and] what bitcoin stands for.”The issue, according to lowstrife, is that the financial engineering that Strategy and other BTC treasury firms are employing to accumulate more bitcoin essentially rests on mNAV — a metric that compares a company’s valuation to its net asset value (in these cases, their bitcoin treasuries).As long as their mNAV remains above 1.0, a given company can keep raising capital and buying more bitcoin, because investors are showing interest in paying a premium for exposure to the stock relative to the firm’s bitcoin holdings.If mNAV dips below that level, however, it means the value of the company is even lower than the value of its holdings. This can create significant problems for a firm’s ability to raise capital and, say, pay dividends on some of the convertible notes or preferred stock it may have issued.Shades of GBTCSomething similar happened to Grayscale’s bitcoin trust, GBTC, prior to its conversion into an ETF. A closed-end fund, GBTC during the bull market of 2020 and 2021 traded at an ever-growing premium to its net asset value as institutional investors sought quick exposure to bitcoin.When prices turned south, however, that premium morphed into an abysmal discount, which contributed to a chain of blowups beginning with highly-leverage Three Arrows Capital and eventually spreading to FTX. The resultant selling pressure took bitcoin from a record high of $69,000 all the way down to $15,000 in just one year.“Just like GBTC back in the day, the entire game now — the whole thing — is figuring out how much more BTC these access vehicles will scoop up, and when they will blow up and spit it all back out again,” Nic Carter, partner at Castle Island Ventures, posted in response to lowstrife’s thread.The thread also triggered replies from MSTR bulls, among them Adam Back, Bitcoin OG and CEO of Blockstream.“If mNAV < 1.0 they can sell BTC and buy back MSTR and increase BTC/share that way, which is in share-holder interests,” he posted. “Or people see that coming and don't let it go there. Either way this is fine."... Read more

Crypto traders betting on a steady bitcoin BTC rally got a sharp reminder of headline risk from Donald Trump's latest tariff threats.Over $300 million worth of leveraged derivatives positions were liquidated across centralized exchanges in the past four hours, according to CoinGlass data, as crypto prices plunged following the news.Nearly all liquidations came from long positions—traders betting on higher prices. BTC longs accounted for $107 million of the total, while Ethereum's ether ETH followed with close to $87 million. Other tokens, including Solana's SOL SOL, dogecoin DOGE, and SUI SUI saw liquidations ranging between $10 million and $18 million."Nice aggregate flush of long leverage and de-risk selling from spot," well-followed crypto trader Skew noted in an X post early Friday. "All driven by headlines once again."The sell-off came after Trump proposed a 50% tariff on imports from the European Union starting next month, along with a 25% tariff on iPhones manufactured outside the U.S., reigniting fears of an escalating trade war.As a result, BTC and major altcoins such as Ether ETH, XRP XRP, and Cardano ADA fell 3% to 4%, while smaller-cap tokens like Uniswap UNI and SUI SUI dropped 5% to 7% over the past 24 hours.Crypto trader named James Wynn, who gained attention recently opening a $1.1 billion BTC long bet with 40x leverage on the Hyperliquid exchange, also slipped underwater on the massive position. Currently, the trader is sitting on $7.5 million of unrealized losses, and the position could be liquidated if BTC slips to $102,000, according to a screenshot shared on X.Interestingly, the long liquidations came amid a recent unusual tilt toward short positions in BTC derivatives despite record prices, CoinDesk reported on Thursday.Read more: Why Are Bitcoin Traders Aggressively Shorting as BTC Hits New Record High?... Read more

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.The CoinDesk 20 is currently trading at 3239.11, down 3.2% (-107.44) since 4 p.m. ET on Thursday. None of the 20 assets are trading higher.Leaders: SOL (-1.1%) and BCH (-1.8%). Laggards: SUI (-6.8%) and NEAR (-5.8%).The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.... Read more

Medical equipment company Semler Scientific (SMLR) announced its third-largest bitcoin BTC purchase since adopting a bitcoin standard roughly one year ago.The company in the ten days ending May 22 acquired 455 BTC for $50 million, averaging $109,801 per bitcoin. This acquisition, funded through its at-the-market (ATM) equity offering program, brings Semler’s total holdings to 4,264 BTC, purchased for $390 million and currently valued at more than $450 million.To date, the company has issued 3,003,488 shares under its April 15 $500 million ATM program, raising $114.8 million.Now roundly used as a key performance indicator by most companies adding bitcoin to their balance sheet, Semler's BTC Yield, has risen to 25.8% in 2025. BTC Yield measures the year-to-date percentage change in the ratio of total bitcoin holdings to assumed diluted shares outstanding.SMLR shares are lower by 5.3% in premarket trading alongside a sizable decline in the price of bitcoin Friday morning to $108,300.... Read more

Cryptocurrency lender Ledn is removing support for ether ETH and will begin offering a bitcoin-only loan model starting July 1 as it looks to simplify its product and sharpen its focus around bitcoin BTC.The Cayman Islands-registered company may be attempting to broaden its appeal among the corners of the crypto community that say BTC is the only cryptocurrency that is needed. Such BTC advocates are often referred to as "Bitcoin Maxis."“With our new hyper-focus on Bitcoin-only lending, we’re going back to our roots and principles that inspired Bitcoin to begin with,” co-founder Adam Reeds said in an emailed announcement on Friday.Ledn will also stop lending client assets to generate yield as it seeks to remove risk from its business model. Bitcoin offered to Ledn as collateral for loans will remain fully in its custody or that of its partners, Ledn said. "Traditional finance relies on constantly reusing client assets to create leverage and, ultimately, inflation," Reeds said. "Bitcoiners instinctively reject that model."Cryptocurrency lending was a major casualty of crypto winter in 2022, with the companies including BlockFi, Voyager, Celsius and Genesis going to the wall. Ledn managed to survive and is now attempting to resurrect the BTC-backed lending sector, with its simplified product offering and helped by the friendlier regulatory approach to crypto in the U.S, co-founder Mauricio Di Bartolomeo told CoinDesk in a recent interview.... Read more

What was setting up to be a somewhat sleepy session ahead of the holiday weekend is no more as President Trump woke up and chose to reignite what had been cooling trade tensions."The European Union ... has been very difficult to deal with," said the president in a Truth Social posting. "Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% tariff on the EU, starting on June 1."The leader of the free world also took aim at Apple (AAPL) and its CEO Tim Cook. "I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the U.S. will be manufactured and built in the U.S., not India or anyplace else. If that's not the case, a tariff of at least 25% must be paid by Apple."U.S. stock index futures quickly moved from modest gains to nearly 2% declines, with Apple falling 3.6%. Above $111,000 prior to the news, the price of bitcoin BTC quickly pulled back to $108,600.... Read more

By James Van Straten (All times ET unless indicated otherwise)Bitcoin BTC is climbing up the asset ranks. The rally that this week took it to new highs has lifted its market capitalization to $2.2 trillion for the first time.It's already overtaken Amazon (AMZN) and Google (GOOG) to become the world's fifth-largest asset and now sits behind iPhone maker Apple (APPL), software developer Microsoft (MSFT) and chipmaker Nvidia (NVDA), all of which are valued at over $3 trillion. Way ahead is hard-to-produce, store-of-value gold at an estimated $22 trillion. Bitcoin’s No. 5 ranking reflects its growing status among traditional and institutional investors and comes as market sentiment turns decisively bullish, with strong buying action across all investor cohorts —from whales to minnows — and the BTC price holding steady around the $110,000 level with minimal pullbacks. As the end-of-May options expiry approaches next Friday, the options market reveals significant activity, with the bulk of call —or bullish — options positioned at the $110,000 strike price and a max pain level at $96,000. Looking into June, there's a clustering of high-strike call options at $200,000 and even $300,000. That's a solid sign of traders betting on continued upward momentum. Despite bitcoin’s strength, Strategy (MSTR), the largest corporate holder of bitcoin, has lagged in share price performance relative to its peers. The company recently announced a $2.1 billion at-the-market offering of its new perpetual preferred stock, STRF, intended to fund additional bitcoin acquisitions.Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate the institutional market, pulling in $877 million in inflows on Thursday alone and bringing its total net inflow to a staggering $47.6 billion, according to Farside data.On the macroeconomic front, the largest cryptocurrency is showing clear divergence from traditional equities, rising 5% over the past five days while the S&P 500 has slipped by more than 1%. This uncorrelated performance is reinforcing bitcoin’s appeal as a macro hedge. Investors are now closely watching for Federal Reserve Chair Jerome Powell’s speech on Sunday, which could prove pivotal in shaping next week’s market trajectory. Stay alert!What to WatchCryptoMay 30: The second round of FTX repayments starts.May 31 (TBC): Mezo mainnet launch.June 6, 1-5 p.m.: U.S. SEC Crypto Task Force Roundtable on "DeFi and the American Spirit"MacroMay 23, 8:30 a.m.: Statistics Canada releases (Final) March retail sales data.Retail Sales MoM Est. 0.7% vs. Prev. -0.4%Retail Sales YoY Prev. 4.7%May 23, 10 a.m.: The U.S. Census Bureau releases April new single-family homes data.New Home Sales Est. 0.692M vs. Prev. 0.724MNew Home Sales MoM Prev. 7.4%Earnings (Estimates based on FactSet data)May 28: NVIDIA (NVDA), post-market, $0.88Token EventsGovernance votes & callsArbitrum DAO is voting on launching “The Watchdog,” a 400,000-ARB bounty program to reward community sleuths for uncovering misuse of the hundreds of millions in grants, incentives and service budgets the DAO has deployed. Voting ends May 23.Lido DAO is voting on adopting Dual Governance (LIP-28), a protocol upgrade that inserts a dynamic timelock between DAO decisions and execution so stETH holders can escrow tokens to pause proposals at 1% of TVL or fully block and “rage-quit” at 10%. Voting ends May 28.Arbitrum DAO is voting on a constitutional AIP to upgrade Arbitrum One and Arbitrum Nova to ArbOS 40 “Callisto,” bringing them in line with Ethereum’s May 7 Pectra upgrade. The proposal schedules activation for June 17. Voting ends on May 29.June 10: Ether.fi to host an analyst call followed by a Q&A session.UnlocksMay 31: Optimism (OP) to unlock 1.89% of its circulating supply worth $25.64 million.June 1: Sui (SUI) to unlock 1.32% of its circulating supply worth $170.26 million.June 1: ZetaChain (ZETA) to unlock 5.34% of its circulating supply worth $12.43 million.June 12: Ethena (ENA) to unlock 0.7% of its circulating supply worth $17.32 million.June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $66.5 million.Token LaunchesMay 23: Soon (SOON) to be listed on KuCoin, Bitget, BingX, LBank, MEXC, Phemex and others.June 1: Staking rewards for staking ERC-20 OM on MANTRA Finance end.June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends.ConferencesDay 4 of 7: Dutch Blockchain Week (Amsterdam)May 27-29: Bitcoin 2025 (Las Vegas)May 27-30: Web Summit VancouverMay 29: Stablecon (New York)May 29-30: Litecoin Summit 2025 (Las Vegas)May 29-June 1: Balkans Crypto 2025 (Tirana, Albania)June 2-7: SXSW LondonJune 15-17: G7 2025 Summit (Kananaskis, Alberta, Canada)June 19-21: BTC Prague 2025June 25-26: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)June 26-27: Istanbul Blockchain WeekToken TalkBy Shaurya MalwaHYPE surged 15% after Hyperliquid Labs said it submitted two comment letters to the CFTC on regulating perpetual swaps and 24/7 crypto trading.The team urged U.S. regulators to embrace DeFi principles to build safer, more efficient financial markets, highlighting Hyperliquid as a working example.The communication marks a rare instance of direct engagement between a DeFi-native protocol and a major U.S. regulator, signaling growing maturity in the sector.Hyperliquid framed its high-speed, permissionless trading infrastructure as a model that could outperform traditional finance standards.With whales like pseudonymous "James Wynn" placing billion-dollar trades on the platform, regulatory recognition may add legitimacy and fuel further upside for HYPE.Derivatives PositioningDespite bitcoin hitting $110,000, perpetual funding rates remain low at 0.005%. They were at 0.04% in November, indicating the market isn’t overheated.Open interest in CME futures has risen 30K BTC since April,. That's still 40K BTC below November levels, reflecting relatively restrained institutional leverage.Market Movements:BTC is up 0.22% from 4 p.m. ET Thursday at $111,330.90 (24hrs: +0.33%)ETH is up 1.67% at $2,685.47 (24hrs: +0.53%)CoinDesk 20 is up 3.64% at 3,393.60 (24hrs: +1.12%)Ether CESR Composite Staking Rate is unchanged at 3.03%BTC funding rate is at 0.03% (10.95% annualized) on BinanceDXY is down 0.61% at 99.36Gold is up 1.13% at $3,329.50/ozSilver is up 0.77% at $33.30/ozNikkei 225 closed +0.47% at 37,160.47Hang Seng closed +0.24% at 23,601.26FTSE is up 0.12% at 8,750.11Euro Stoxx 50 is down 0.16% at 5,415.57DJIA closed on Thursday unchanged at 41,859.09S&P 500 closed unchanged at 5,842.01Nasdaq closed +0.28% at 18,925.74S&P/TSX Composite Index closed unchanged at 25,854.00S&P 40 Latin America closed +0.3% at 2,589.68U.S. 10-year Treasury rate is down 1 bps at 4.53%E-mini S&P 500 futures are unchanged at 5,852.50E-mini Nasdaq-100 futures are unchanged at 21,159.75E-mini Dow Jones Industrial Average Index futures are down 0.11% at 41,877.00Bitcoin Stats:BTC Dominance: 63.70 (-0.48%)Ethereum to bitcoin ratio: 0.02410 (1.05%)Hashrate (seven-day moving average): 882 EH/sHashprice (spot): $58.14Total Fees: 7.92 BTC / $837,314CME Futures Open Interest: 17,579 BTCBTC priced in gold: 33.6 ozBTC vs gold market cap: 9.51%Technical AnalysisThe relative performance of Strategy (MSTR) against BlackRock’s iShares Bitcoin Trust (IBIT) shows an ascending channel formation.The price action from mid-March to May is confined within a well-defined ascending channel, indicating a short-term bullish trend despite Strategy's recent pullback.The latest candles suggest a drop toward the lower boundary of the channel, which could act as a support level around the $6.10–$6.20 range.That marks a potential decision point for either a rebound or breakdown.Crypto EquitiesStrategy (MSTR): closed on Thursday at $399.46 (-0.8%), up 0.1% at $399.86 in pre-marketCoinbase Global (COIN): closed at $271.95 (+5%), unchanged in pre-marketGalaxy Digital Holdings (GLXY): closed at C$33.84 (+9.16%)MARA Holdings (MARA): closed at $15.65 (-1.2%), up 0.32% at $15.70Riot Platforms (RIOT): closed at $8.94 (+1.13%), up 0.22% at $8.96Core Scientific (CORZ): closed at $10.83 (+0.46%), down 0.37% at $10.79CleanSpark (CLSK): closed at $9.87 (-2.37%), up 0.41% at $9.91CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $18.11 (+2.03%)Semler Scientific (SMLR): closed at $44.93 (+0.09%), up 1.71% at $45.70Exodus Movement (EXOD): closed at $35.38 (+8%)ETF FlowsSpot BTC ETFs:Daily net flow: $934.8 millionCumulative net flows: $44.29 billionTotal BTC holdings ~ 1.19 millionSpot ETH ETFsDaily net flow: $110.5 millionCumulative net flows: $2.72 billionTotal ETH holdings ~ 3.5 millionSource: Farside InvestorsOvernight FlowsChart of the DayThis chart from CoinGlass shows that bitcoin held on wallets linked to cryptocurrency exchanges on-chain has dropped dramatically since Donald Trump's inauguration.That drop reflects how demand picked up after he campaigned on a pro-crypto platform. As supply was squeezed, prices rose.While You Were SleepingU.S., Iran yo Hold Nuclear Talks Amid Clashing Red Lines (Reuters): As a fifth round of diplomacy begins in Rome, Iran rejected U.S. demands to halt uranium enrichment and warns Washington it would bear the blame if Israel attacks its nuclear sites.U.S., China Hold First Call Since Geneva Meeting, Signaling Progress in Trade Talks (CNBC): Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau discussed a number of issues during the call, though neither side confirmed whether tariffs came up.Bitcoin Enters Strongest Accumulation Phase Since January as BTC Price Passes $110K (CoinDesk): Glassnode data shows all wallet cohorts are now accumulating, with options markets pricing in potential upside beyond $200K in June.Big Banks Explore Venturing Into Crypto World Together With Joint Stablecoin (The Wall Street Journal): JPMorgan, BofA, Citi, and Wells Fargo are reportedly exploring a jointly issued stablecoin via bank-operated platforms Zelle and The Clearing House.Justin Sun Defends TRUMP After Presidential Dinner, Says 'Memecoins Have Merit' (CoinDesk): Sun called the event, attended by top holders of the official Trump memecoin, a sign of U.S. crypto revival and denied the token was being used to buy... 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Hyperliquid’s native token, HYPE, jumped 15% on Thursday, outperforming the broader crypto market, after the team said it submitted formal responses to the U.S. Commodity Futures Trading Commission (CFTC) regarding proposed regulation of perpetual swaps and 24/7 crypto trading.In an X post early Friday, Hyperliquid Labs said it filed two comment letters supporting the CFTC’s proactive stance and urging regulators to embrace decentralized finance (DeFi) frameworks as a path to building safer, more efficient financial products.The submission marks a rare instance of a DeFi-native protocol engaging directly with U.S. regulators, signaling both rising maturity in the sector and growing urgency around shaping favorable policy frameworks.“We believe that Hyperliquid exemplifies how core DeFi principles can be put into practice to enhance market efficiency, integrity, and user protection,” the team wrote. “Supporting DeFI in the U.S. with open dialogue and a clear regulatory framework is an opportunity to ensure the U.S. remains a leader in financial innovation while robustly protecting users.”The CFTC had requested public input on how to approach crypto derivatives in a round-the-clock trading environment.Hyperliquid — which runs its own high-performance, level-1 blockchain and supports permissionless perpetual trading — framed its submission as a case study in how decentralized infrastructure can meet, and potentially exceed, the standards of traditional markets.With on-chain volumes surging and whales like “James Wynn” placing billion-dollar positions on Hyperliquid, as reported Thursday, attention around the protocol is intensifying and traders are betting that early regulatory engagement could further legitimize HYPE’s long-term upside.... Read more

Major U.S. banks are weighing launching a joint stablecoin to fend off crypto competition.Financial heavyweights like JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC), have held discussion on the subject, the Wall Street Journal reported, citing people familiar with the matter. The talks are still in early stages and could change, the report added. Within the consortium are also payments ventures owned by these banking powerhouses, like Early Warning Services, which runs Zelle, and The Clearing House, which handles real-time payments.Stablecoins are cryptocurrencies pegged to the value of another asset like a fiat currency or commodity, can settle transactions in a matter of seconds. Banks see potential in them to improve their operations, with international remittances currently taking days through the traditional system.One idea floated in the consortium’s talks is a stablecoin model open to other banks beyond the core group. Regional banks have also explored similar paths, the WSJ adds, citing sources familiar with the discussions.The push comes as Washington inches toward regulation. The Senate recently advanced the Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act, which Senator Hagerty (R-Tenn) described as one that “establishes the first-ever pro-growth regulatory framework for payment stablecoins.”The improved regulatory environment has seen crypto firms seek bank charters, further adding pressure to banks.Some of these large financial institutions have already made their move. Société Générale launched a euro-denominated stablecoin, EURCV, back in 2023 through its crypto arm SG Forge. It’s reportedly now looking to launch a U.S. dollar stablecoin as well.Read more: U.S. Stablecoin Bill Approval Could Trigger a Long-Term Crypto Bull Market: Bitwise... Read more

Bitcoin BTC has entered a strong accumulation phase across all wallet cohorts for the first time since January, signaling renewed bullish sentiment as the largest cryptocurrency trades above $110,000, an 18% gain over the past month. Glassnode's Accumulation Trend Score has reached its maximum value of 1.0, indicating broad-based, aggressive accumulation by investors irrespective of the amount of BTC they already hold. The metric evaluates the relative strength of buying by different wallet sizes, factoring in both their existing holdings and the amount acquired over the past 15 days. It excludes exchanges and miners to avoid distortion. The latest accumulation wave began in early May, led by whales holding over 10,000 BTC. As the price began to climb, cohorts with smaller holdings followed, intensifying their accumulation behavior. This marks a significant shift from the January-to-April period, when most cohorts were in reducing their holdings as bitcoin tumbled from its then-record high of $109,000 to lows around $75,000.The renewed demand is supported by options market activity, with CoinDesk Research highlighting large bullish positions. The $300,000 strike for June expiry has become the most popular call option, with $620 million in notional value, and an additional $420 million is concentrated around the $200,000 strike. While bitcoin historically tends to fall after hitting an all-time high due to profit-taking, traditional assets like the S&P 500 and gold often extend their rallies in similar scenarios. If bitcoin were to follow this more mature asset behavior, it may signal the beginning of a sustained bull cycle, a trend many in the market are now watching closely.... Read more

The last time Justin Sun set foot in the U.S. he was Grenada's WTO ambassador and was navigating the rocky waters of former President Biden's crypto crackdown.Times have changed. Now, he's dining at an event hosted by President Donald Trump for the largest holders of his TRUMP memecoin and celebrating a regulatory breakthrough, as issuers eye a potential Tron ETF, signaling a striking reversal in crypto's American fortunes.Speaking exclusively with CoinDesk after the Presidential dinner, which was met by protestors, the Tron founder dismissed allegations that the token is a vehicle for bribery. He called skeptics short-sighted, arguing Trump's embrace of crypto could spark a new era of digital asset innovation in America."All the haters need to really pay attention," Sun told CoinDesk, describing Trump's support for crypto as one of the President's best decisions. "There are positive things happening in the industry."He described the dinner as a clear sign the U.S. is regaining its status as the crypto's global hub, marking a sharp reversal from the Biden administration's war on the industry, which had previously prompted crypto firms to consider offshore moves."At the Trump dinner, some supporters told me they were thinking of leaving the U.S. because of the Biden administration, moving to places like Hong Kong or Singapore," Sun said. "Even Consensus started holding events outside of the United States." "But now they've changed their minds. It brings everybody back into the U.S.," he continued.Criticism of Trump's decision to launch a memecoin has come fast and furious from mainstream media, including attempts to link holders of the token to white nationalism.Sun dismissed this criticism by emphasizing that critics have every right to express their views under the First Amendment.'Memecoins have merit'While protesters met the memecoin faithful who attended the TRUMP dinner, skepticism about meme coins isn't limited to outsiders. At a fireside chat during Consensus 2025, Barstool Sports founder Dave Portnoy described meme coins as essentially "gambling," questioning their longevity."I get why people like it," Portnoy said. "It’s a form of gambling, it’s a Ponzi scheme. I don’t mean that in a negative way."Sun disagrees. Rather than viewing meme coins as gambling or Ponzi schemes, he positions them as legitimate segments of digital asset markets.Sun pointed to tokens like DOGE and SHIB as examples of success stories that have helped onboard users into crypto. He emphasized that Tron's goal is to support "every single piece in crypto to grow and become mainstream.""I totally think memecoins have merit," Sun told CoinDesk. "It’s just like doing business. Some succeed, some go to zero. That’s entrepreneurship."... Read more

Attention is turning to major tokens as bitcoin (BTC) set fresh highs earlier this week, with some pointing out that institutional demand and a clear regulatory environment pave the way for strong moves among the top coins.Bitcoin was hovering just under $111,000 during the Asian morning hours on Friday, seeing a slight pullback on profit-taking as is expected after upward moves. Cardano’s ADA, dogecoin (DOGE) and Solana’s SOL added as much as 4%, while ether (ETH), XRP, and BNB Chain’s BNB rose less than 1.5%.The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, rose 1.2% in the past 24 hours.Bitget Research’s Chief Analyst Ryan Lee told CoinDesk in a Telegram message that a potential dip in bitcoin dominance could kick off a broader alt season, with high-profile names like XRP and Solana in prime position to benefit.Lee pointed to XRP’s improving regulatory clarity and recent technical breakout patterns as reasons traders are eyeing a move toward $3–$8 in the medium term.XRP recently formed a golden cross against BTC on the weekly chart — a historically bullish signal suggesting a long-term trend reversal may be underway. The ratio has been locked in a sideways channel since late 2020, but that may now be breaking after last month’s SEC decision not to pursue further appeals against Ripple.SOL could climb toward $220–$300 on ETF speculation, while ADA shows potential for a breakout between $1 and $3, Lee added.Singapore-based QCP Capital said in a Thursday broadcast that the latest BTC move confirmed a robust trend supported by improved structural fundamentals and relatively low volatility."This rally feels more structurally sound than the last with less frothy momentum-chasing and stronger fundamental underpinnings,” the firm said, adding that the brief dip following BTC’s initial record high break triggered put-side profit-taking, but buyers were “quick to reload on the upside.”Still, broader macro risks remain in play. Renewed tariff concerns, rising U.S. yields, and a stronger dollar could all inject volatility into the system, especially for altcoins, QCP said. Traders are urged to stay selective, focusing on assets with strong fundamentals and clear regulatory narratives.Meanwhile, FxPro’s Alex Kuptsikevich shared in an email that bitcoin’s sentiment index is hovering just below “extreme greed” as of Friday, a sign that the rally may still have room to run in the coming days.... Read more